MSFT Options History — August 2008

In August 2008, MSFT traded between $25.28 and $28.13. ATM implied volatility averaged 27.6%, placing in the 34.7% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded below realized volatility by 7.2% (HV 20d: 34.8%). Max pain ranged from $26.00 to $26.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.84.

Notable Days

  • 2008-08-07: Highest Volume — 274,285 contracts
  • 2008-08-11: Largest IV spike — 14.4% change
  • 2008-08-11: Highest IV Rank — 51.3%
  • 2008-08-04: Largest Expected Move — 9.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.34$25.28$28.13$25.44$27.29
Max Pain$26.00$26.00$26.00$26.00$26.00
ATM IV27.6%23.6%32.8%30.1%25.8%
Expected Move8.0%6.8%9.3%8.6%7.4%
HV 20d34.8%24.4%44.0%41.0%25.8%
HV 60d33.7%32.7%34.6%32.7%33.5%
IV Rank34.7%20.7%51.3%43.0%27.6%
IV Percentile45.6%15.5%82.1%66.3%29.8%
Term Structure1.6%0.0%3.0%1.9%2.5%
VWIV28.4%24.1%32.5%30.2%25.1%
Skew 25d3.7%1.3%6.0%1.3%3.3%
Skew 10d6.8%2.5%11.1%2.5%4.5%
Call IV 25d26.4%22.9%30.9%30.0%24.2%
Put IV 25d30.1%26.3%35.1%31.2%27.5%
Bid-Ask Spread %3.512.085.692.472.70
Gamma HHI0.110.100.120.120.10
Net GEX26.3M-5.8M42.1M-2.2M24.7M
Net DEX-186.1M-768.7M946.9M823.6M-56.2M
Net VEX-19.5M-20.5M-16.9M-17.4M-19.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.840.282.290.870.65
Total Volume98,171.71426,748274,28596,54529,796
Total OI3,683,629.6193,556,8403,899,9693,581,1123,704,723

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-08-01$25.44$26.0030.1%8.6%41.0%43.0%30.2%1.3%1.9%-2.2M823.6M-17.4M0.872.47N/AN/A51,69144,8541,960,8881,620,224
2008-08-04$25.28$26.0031.9%9.3%41.0%48.6%31.7%3.3%0.0%-5.8M946.9M-16.9M0.693.03N/AN/A48,51533,5841,988,1931,629,429
2008-08-05$26.21$26.0028.8%8.4%43.0%38.9%28.8%4.1%0.2%13.1M466.7M-17.9M0.325.69N/AN/A113,50836,4712,006,0831,650,936
2008-08-06$27.02$26.0027.5%8.3%43.2%34.7%28.8%3.5%0.1%31.8M-75.0M-19.0M0.493.99N/AN/A149,30372,8182,047,3411,670,828
2008-08-07$27.39$26.0029.4%9.0%43.3%40.6%31.0%4.6%0.7%34.5M-356.9M-19.4M0.283.48N/AN/A214,51759,7682,058,1291,666,947
2008-08-08$28.13$26.0028.6%8.7%43.8%38.4%31.6%5.3%0.3%39.8M-734.7M-20.5M0.514.19N/AN/A85,54743,5252,091,8461,691,058
2008-08-11$27.90$26.0032.8%9.0%44.0%51.3%32.5%6.0%0.4%35.2M-577.9M-20.1M0.693.86N/AN/A78,09753,9172,082,1761,698,222
2008-08-12$28.12$26.0029.9%8.3%42.1%42.3%30.8%5.0%1.2%42.1M-768.7M-19.9M0.624.76N/AN/A64,59640,0252,097,5121,682,080
2008-08-13$27.91$26.0028.4%8.2%39.8%37.7%28.4%4.7%1.4%40.3M-639.0M-19.7M0.694.27N/AN/A54,28437,6502,093,1281,692,607
2008-08-14$27.91$26.0027.5%7.9%39.7%34.8%28.1%4.1%1.7%40.8M-625.2M-19.8M0.845.61N/AN/A84,49971,0432,097,8271,706,169
2008-08-15$27.81$26.0026.0%7.5%32.1%30.2%28.0%3.3%2.0%32.9M-514.2M-20.4M0.944.40N/AN/A57,43854,1112,146,9471,753,022
2008-08-18$27.69$26.0026.2%7.5%31.9%30.9%27.0%2.9%1.5%25.8M-251.4M-20.1M0.723.05N/AN/A40,21828,9151,978,2031,578,637
2008-08-19$27.32$26.0028.1%8.0%32.5%36.6%27.8%3.0%1.1%21.6M-125.3M-20.1M0.932.89N/AN/A28,47726,3761,992,4941,586,664
2008-08-20$27.29$26.0027.5%7.9%31.5%34.8%27.2%2.5%1.9%21.8M-96.3M-19.9M0.942.97N/AN/A22,47821,1681,993,9501,582,788
2008-08-21$27.18$26.0026.3%7.5%27.9%31.0%27.6%2.4%2.4%20.9M-17.9M-19.7M1.342.08N/AN/A24,11532,2851,999,4911,585,954
2008-08-22$27.84$26.0023.9%6.8%27.5%23.6%24.6%3.3%2.7%28.9M-363.5M-20.0M0.693.57N/AN/A25,97817,7962,002,8801,603,832
2008-08-25$27.66$26.0025.4%7.3%25.6%28.2%29.3%3.7%2.9%27.7M-269.4M-19.7M2.292.91N/AN/A24,94657,0102,016,2261,609,357
2008-08-26$27.27$26.0027.2%7.8%25.3%32.0%28.0%3.3%2.3%20.9M-45.9M-19.7M1.012.59N/AN/A19,41919,5202,014,0241,644,505
2008-08-27$27.56$26.0024.5%7.0%25.5%23.5%25.7%3.7%2.8%25.6M-238.6M-19.4M1.722.64N/AN/A9,82916,9192,019,5951,641,764
2008-08-28$27.94$26.0023.6%6.8%24.4%20.7%24.1%3.4%3.0%31.4M-388.5M-20.0M0.452.50N/AN/A45,95220,6482,019,8971,649,646
2008-08-29$27.29$26.0025.8%7.4%25.8%27.6%25.1%3.3%2.5%24.7M-56.2M-19.4M0.652.70N/AN/A18,08611,7102,044,5231,660,200